Former President Donald Trump has seen his net worth drop by $2.4 billion in just three days. This happened because the stock price of his social media company keeps going down.
Market data shows that on Friday, the stock price of Trump Media & Technology Group went down by 14%. This followed a 12% drop on Thursday and a 22% decrease on Wednesday. These big drops have caused the company’s value to go down by about 41% since Tuesday.
As a result, the value of Trump’s main share in the company has gone from $5.9 billion to $3.5 billion.
Analysts attribute the recent change in momentum is due to updates in prediction markets, which now show Vice President Kamala Harris as the likely winner of the presidential election.
“Trump Media’s stock is now seen as a way to predict the election’s result,” explained Steve Sosnick, chief strategist at Interactive Brokers. “The company’s actual performance doesn’t affect its stock price.”
Trump Media’s stock has been very unpredictable, going up four times in value from September 23 to the end of trading on Tuesday. But experts say the company’s real situation is still not good, with only $1.6 million in sales this year.
